Beacon Federal has a money in the bank deal offered through their best checking account. This reward checking account has the following interest rates:

· 4.00% APY for balances through $20,000

· 1.25% APY for portions of the fund above $20,000

· Base interest rate of 0.50% if the requirements are not satisfied

This high yield checking account has the following monthly requirements:

· The account holder must complete 15 purchases using the debit card

· Set up an ACH transfer or a direct deposit

· Opt for electronic statements over paper account statements

The interest rate is still listed on the promo page of the bank. Take note that the current checking account rates have a posting date of September 1, 2010 and can be changed any time without notice. It will be wise to check with the bank for the latest numbers.

Some important features that you must not miss are the following:

· Initial deposit of $20 to open the account

· The bank does not require minimum monthly balance

· Free box of checks upon opening

· Free bills payment and transfers using bank to bank facility

· Free ATM use on the ATM network of AllPoint

We can not find anything on ATM fees reimbursement. Account holders can go around this by using AllPoint ATMs. This checking account is a good choice for those who want high checking account rates since you know that the bank will not be spending for paying ATM surcharges.

Interested consumers can complete an application online. You also have an option to download the app from the website and send it to the bank for processing.

Beacon Federal operates branches in Central Tennessee; New York, Tyler Texas; and Chelmsford, Massachusetts. If you have questions with regard to account opening or if you want more information about their products and services, you may contact the bank through 888-256-3800.

You could be wondering why the branches of the bank are spread across different states. The bank was a former credit union for the Carrier Corporation employees. They became depositor owned back in 1999 and a publicly traded company in 2007.

Beacon Federal is a member of the FDIC with certificate number 35329.